Funds
Five funds since 2012, each raised from the same small group of foundations, endowments and families, and each run by the partners who raised it.
$1.7B
committed capital
5
funds since 2012
127
companies backed
33
exits
By fund
Fund
Vintage
Size
Companies
Exits
Status
TVPI
DPI
Net IRR
Fund I
Seed, Europe
2012
$85M
24
14
Fully realised
4.8x
4.6x
27%
Fund II
Seed and Series A, Europe
2015
$180M
29
11
Harvesting
3.9x
2.1x
24%
Fund III
Seed and Series A, Europe and North America
2018
$320M
31
6
Harvesting
2.6x
0.7x
22%
Fund IV
Seed and Series A, Europe and North America
2021
$480M
34
2
Fully invested
1.4x
0.1x
–
Fund V
Seed and Series A, Europe and North America
2025
$650M
9
0
Investing
–
–
–
Total
$1.7B
127
33
As of 30 June 2026. Figures are illustrative and unaudited, shown net of fees, expenses and carried interest, as of the date above. TVPI is total value to paid-in capital and DPI is distributions to paid-in capital. Past performance is not a guide to future results, and nothing on this page is an offer to sell or a solicitation of an offer to buy an interest in any fund.
Photo:
Counted from the companies in the portfolio directory, by the round of our first investment and the sector they work in.
By sector
By first investment
Pre-seed
3
Seed
11
Series A
9
Series B
1
Growth
0
By status
Active
16
Acquired
5
Public
3
